For many people, the idea of becoming a millionaire, triggers thoughts of all sorts of get rich quick schemes and scams, or maybe winning the lottery.
Naturally, one would rather be rich sooner than later. But how would you feel if you spent your time pursuing these quick fixes, only to reach retirement age with little or nothing to show for it?
How would you feel if you ended up having no retirement fund after spending most of your life working?
The younger you are, the more difficult it is to appreciate such long term prospectives. Yet the younger you are, the more advantageous long term planning is. For instance, if you start saving for the long term from age 20, you will likely be able to retire sooner than one who only started saving at age 30, which would probably mean you’d work fewer years, and also have more better years enjoying retirement.
But whatever your age, just try to place yourself in the sad position of having nothing at time of retirement, and feel how awful that would be! Some of you already know how easy it is to move from one failed idea to another, all the while losing money that could have, at least in part, been used to help secure your retirement.
So while this article is not meant to discourage taking risks, or trying new things, it will focus on simple things that you can do now to facilitate a bright financial future, with the potential for early retirement, depending on your age. Millionaire status is attainable, though it might very well take 20 to 30 years. That is not to say it has to take so long. Ways to accelerate progress will be explored in other articles at this site. Nevertheless, it is always wise to plan for the long term. And since it is so easy, you might as well just do it. Get your long term plan in action, and then focus on the medium and short term strategies. Security first!
With the foregoing in mind, let us now look at some simple steps you can begin to take that will improve your financial situation, and pave the path to becoming a millionaire.
- Automate The Millionaire Plan
- Multiple Income Streams
- Save And Become A Millionaire
- Build A Reserve Fund
- Buy A Home?